Greencoat Renewables eyes further acquisition opportunities

Irish wind farm operator also announces maiden dividend for shareholders

Wind turbines at Monaincha wind farm, Roscrea, Co Tipperary. Photograph: Brenda Fitzsimons

Wind turbines at Monaincha wind farm, Roscrea, Co Tipperary. Photograph: Brenda Fitzsimons


Wind farm operator Greencoat Renewables is eyeing further acquisition opportunities in the Irish market.

Announcing its first set of annual result on Thursday, the company said the acquisition pipeline in Ireland remained attractive and the company was well positioned to consolidate further opportunities in the Irish onshore wind market.

The company, which raised €270 million when it floated in London and Dublin last year, announced a maiden dividend of 2.61 cent per share with respect to the period from its IPO in July to December 31st, 2017.

Greencoat, which operates wind farms in Cork and Tipperary, also said it was targeting a dividend of 6 cent per share for the 2018, to be paid in equal quarterly instalments, commencing in May.

The firm’s portfolio generated €11.8 million in net operating cash flow for the year, or €2.9 million in the final three months of the financial period.

Greencoat had a net asset value of €260.8 million in January or 96.6 cent on a per share basis.

The electricity generated across its operations was 4 per cent below budget for the period, although the differential was explained by lower-than-expected wind speeds.

Five banks

Greencoat recently agreed to buy Lisdowney, a 9.2MW wind farm in Co Kilkenny, for €22.5 million.

The acquisition was funded by Greencoat’s €250 million credit facility with five banks, which it arranged in December.

“I am delighted with the company’s achievements in its first year and very pleased to announce our maiden dividend of 2.61 cent,” chairman Ronan Murphy said.

“The outlook for the company is positive, we have a high-quality operating portfolio, a capital structure aligned for growth opportunities, and a strong position in an attractive secondary market for wind assets,” he said.